Rani Therapeutics | 10-Q: FY2025 Q3 Revenue Meets Estimate at USD 0

Revenue: As of FY2025 Q3, the actual value is USD 0, meeting the estimate of USD 0.

EPS: As of FY2025 Q3, the actual value is USD -0.12, beating the estimate of USD -0.1233.

EBIT: As of FY2025 Q3, the actual value is USD -6.6 M.

Segment Revenue

• Contract revenue for the nine months ended September 30, 2025 was $172,000, compared to $0 for the same period in 2024.

Operational Metrics

• Net Loss: For the three months ended September 30, 2025, net loss was $7.9 million, compared to $12.7 million for the same period in 2024, representing a decrease of 37.8%.
• Research and Development Expenses: For the three months ended September 30, 2025, R&D expenses were $3.2 million, a decrease of 47.8% from $6.2 million in the same period in 2024.
• General and Administrative Expenses: For the three months ended September 30, 2025, G&A expenses were $4.0 million, a decrease of 28.3% from $5.6 million in the same period in 2024.

Cash Flow

• Net Cash Used in Operating Activities: For the nine months ended September 30, 2025, net cash used in operating activities was $19.0 million, compared to $26.8 million for the same period in 2024.
• Net Cash Provided by Investing Activities: For the nine months ended September 30, 2025, net cash provided by investing activities was $23.9 million, compared to $17.3 million for the same period in 2024.
• Net Cash Used in Financing Activities: For the nine months ended September 30, 2025, net cash used in financing activities was $4.6 million, compared to net cash provided of $8.0 million for the same period in 2024.

Unique Metrics

• Stock-Based Compensation: Total stock-based compensation for the nine months ended September 30, 2025 was $9.6 million, compared to $12.0 million for the same period in 2024.

Future Outlook and Strategy

• Core Business Focus: The company plans to initiate clinical testing of the RaniPill HC by the end of 2025 and expects to continue to incur losses for the foreseeable future as it develops the RaniPill capsule.
• Non-Core Business: The company entered into a Collaboration and License Agreement with Chugai Pharmaceutical Co., Ltd. in October 2025, which includes a $10 million upfront payment and potential milestone payments totaling up to $175 million, contingent upon approval and commercial success.
• Priority: The company aims to raise substantial additional funds in the future to complete the development of the RaniPill platform and expand its manufacturing capabilities.